The Bank of England has appointed Rhys Phillips as its new Chief Cashier, the official whose signature appears on every Bank of England banknote and who is responsible for the security, design and production of the United Kingdom's physical currency.
Phillips, who joined the Bank in 2002 and has held a series of senior positions across its markets, banking and risk functions, will take up the role in September. He replaces the outgoing Chief Cashier, who is retiring after a career spanning more than three decades at the Bank.
The role of Chief Cashier is one of the oldest and most symbolically significant positions at the Bank of England, dating back to the Bank's foundation in 1694. The Chief Cashier's signature has appeared on Bank of England notes since 1870, and the position carries a unique combination of operational responsibility and public visibility. The Chief Cashier is responsible for the integrity of the currency, and the role has historically been associated with the Bank's commitment to maintaining the value of money.
Phillips said he was honoured to take on the role at a time of significant change for the currency. The use of cash has been declining for years, and the Bank is in the process of developing a digital pound that could fundamentally change the nature of money. But Phillips said physical currency would remain important for the foreseeable future. "Cash is still essential to millions of people," he said. "My job is to make sure it remains secure, accessible and trusted."
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